Out of home advertising player oOh!media is starting to see signs of life following a difficult few months amidst COVID-19.
Speaking to oOh!’s shareholders during its annual general meeting on Thursday, chief executive Brendon Cook said not only is advertising starting to pick up again, but the crisis also resulted in operational and rental cost savings.
Furthermore, of oOh!’s original ad bookings across April and May that advertising pulled, about 85 per cent of those campaigns have been pushed to the second half of the year.
“Combined with a slowdown in advertising generally, this has resulted in a challenging Q2 for the business. Of our original bookings in April-May that advertisers will no longer run campaigns in Q2, around 85 per cent have been deferred to the second half of the year,” he said.
Cook also said the outdoor media company was already starting to see a “significant uplift in client briefing activity” for June and the third-quarter as coronavirus restrictions start to relax.
He said: “We are starting to see a significant uplift in client briefing activity for late Q2-Q3 as advertisers begin looking for opportunities as movement restrictions are eased further. Indeed, we are already seeing increases in road and retail foot traffic in metropolitan and regional areas.”
Cook flagged oOh! expects to reach the higher end of its $10m-$15m operating expenditure savings target, while the government’s JobKeeper payments will deliver a further $7m a quarter.
Meanwhile, the company is also headed to reach the higher end of its $25m-$35m capital expenditure target.
Cook said transport segments have been hit the hardest. He said oOh!media’s operations at airports and train stations have been hit “significantly”, which resulted in what he called a “challenging” second quarter.
Please login with linkedin to commentoOh!Media
This International Women’s Day, CARE Australia will celebrate women as global change-makers amid increasingly frequent conflicts and climate-related crises, with Ashleigh Streeter-Jones, Natalie Kyriacou OAM, and Justine Cullen spearheading the initiative as ambassadors. Lead image: Ashleigh Streeter-Jones In its third consecutive year, the ambassadors will champion CARE Australia’s Her Circle initiative, which recognises that: when […]
Warner Brothers Discovery’s Newshub is set to close its doors in June 2024, leaving up to 300 staff, including high-profile presenters Mike McRoberts and Samantha Hayes, out of a job. In a statement today, Warner Bros. Discovery said it had started consultation on a “proposed remodelling and restructure of its ANZ free-to-air business in New […]
Australian Turf Club invites racing lovers across Australia to Expect It All with the launch of the latest creative campaign to highlight the racing on offer in Sydney at Rosehill Gardens and Royal Randwick. The campaign, which will officially launch ahead of this year’s Sydney Autumn Racing Carnival, highlights the wide range of incredible experiences […]
Something insane swept to New Zealand as finals approached last year. “Wahs Mania” took hold, and hope was ignited in the hearts of Kiwis who mostly didn’t usually care about League. Sadly, the Warriors didn’t make it through to the grand final, but the clubs following saw a massive increase nonetheless. Welcome back to B&T’s Spotlight […]
Avid Collective has officially announced the appointment of former Scout Publishing and Junkee Media executive Niki Jones (lead image) as its new head of enablement operations. In the newly created role, Jones will be responsible for overseeing operational activities across various arms of business with a focus on partner engagement. “Niki’s appointment comes at an […]